CNBC obtained internal documents from The RealReal, called 'Faux and Tell,' that show the luxury consignment company missed fakes.
As of Tuesday's market close, its stock is down 20.7% since the report on Nov. 5, or a loss of $384.5 million.Julie Wainwright, CEO, The RealRealBut its own internal documents obtained by CNBC show how deep the problems have been for some time., the world's largest online consumer marketplace for luxury items, has touted that all its merchandise is "100% authentic" handled by a team of experts.
She repeated that promise in an interview with Jim Cramer on CNBC's "Mad Money" last week. The company, in a news release, said copywriters receive a minimum of 30 hours of training and review "low risk" brands, while "high risk" merchandise such as an Hermes Birkin bag are sent to expert authenticators.
The company did not respond to CNBC's request for comment about the documents, other than to say in an email, "We do not share specific details on our proprietary training programs." The reports offer a sampling of the types of counterfeit products that slipped through the company's vetting process. These include mistakes that may appear to be obvious. For example, an employee missed Jimmy Choo flats that misspell the company's name on the sole. It reads "Jimmy Ghoo."in one of the company's documents.
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